In early September, I sent you information announcing that the University is making changes to the funds available in the
University of Virginia Retirement and Savings Plans including the Optional Retirement Plan (ORP), Medical Center Retirement
Plan (MCRP), 403(b) Plan and Cash Match Plan. These changes do not affect the Virginia Retirement System (VRS) or the
Commonwealth of Virginia 457 Deferred Compensation Plan.

As of September 26, 2016, the new, streamlined, three-tiered investment structure became available for viewing and
selection in the UVA Retirement and Savings Plans.

In order to simplify your investment decision process and implement a consistent structure across all of the University’s
Retirement and Savings Plans, a number of updates to the fund investment menu will be made. Effective February 1, 2017,
many existing mutual fund options will be eliminated. If you take no action, the assets in the eliminated funds will be moved
to funds that have similar investment objectives and risks, or else into a Tier 1 target-date fund.

Also effective February 1, 2017, five variable annuities will be “restricted” and will no longer accept new contributions,
transfers or rollovers. If you currently contribute to any of the restricted investment options, any future contributions will be
redirected into replacement options as shown in the enclosed Investment and Fund Transfers Guide.

Many of the eliminated mutual fund options will be available through the self-directed brokerage in Tier 3. You will need
to open a brokerage account through TIAA or Fidelity to access these options. Variable annuities are not available through
self-directed brokerage.

Take some time to decide whether you’d like to choose investments from the streamlined, three-tiered investment structure
or, if you prefer, simply do nothing and allow your investments to transfer automatically to the new investment structure. If
you want to make a change to your investment options prior to the transfers, you have until January 31, 2017 to do so. You
may also make changes at any time after transfers are made on February 1, 2017.

Please read the enclosed guides and consider attending an information session between November 2016 and January 2017
for further details. It’s important for you to understand these updates so that you can make the best investment decisions to
help you reach your savings goals.

Your work helps to ensure the success of the University, and in return, the University’s leadership team wants to help support
your financial success. We are pleased to provide you with a simpler way to invest and the support you need to find financial
well-being in retirement.